SYR - Morgan Stanley rates as Equal-weight
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The company is taking slightly longer to become positive on cash flow as revisions to its ramp-up plans are driving delays. Balama is now expected to be cash flow positive early in the second half versus the first half on previous estimates.
Costs are also slightly higher. The broker notes the signing and sanctioning of the mining agreement is still pending.
Equal-weight retained. Target is $3.75. Industry view is Attractive.
Target price is $3.75.Current Price is $4.05. Difference: ($0.30) - (brackets indicate current price is over target). If SYR meets the Morgan Stanley target it will return approximately -8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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